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New Urban Buys Trio of Historic Buildings

SAN FRANCISCO-For approximately $30 million, the locally based investor acquires two contiguous, mostly retail buildings near Union Square and an office building in the Mid-Market area.

By Brian K. Miller | Updated on February 21, 2008

SAN FRANCISCO-New Urban Properties LLC, a San Francisco-based historic building specialist has acquired a trio of buildings here totaling 107,000 sf (net rentable) for approximately $30 million. The two larger assets are 166 Geary St., a 16-story landmark in the Union Square area, and 944 Market St., an eight-story office building at the corner of Market and Mason streets in the Mid-Market submarket. The third asset is 171 Maiden Lane, a two-story retail building connected to 166 Geary.

New Urban CEO Tom Owens tells GlobeSt.com that the buildings, which are 100% leased, mark his entry into both the Union Square and Mid-Market submarkets. He describes the acquisition as a long-term core-plus investment, saying the buildings have a steady rent roll, won’t require anything but cosmetic upgrades and will be held for at least seven years.

944 Market St.

“We are going to do some renovations but nothing extensive,” he says. “The lobby of 166 Geary will get a new treatment [first], and eventually 944 Market as well.”

The building at 166 Geary has quite a bit of retail, housing traditional retail shops on the first floor and a number of salons and dentists on the upper floors. The connected two-story building at 171 Maiden houses a café and a perfume and candle store at street level and the Yosh salon on the second floor. The Mid-Market building, 944 Market, has a high-end athletic shoe store and a small restaurant at street level and office space above.

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